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Alcoa Corporation Signs Group Annuity Contracts to Transfer Canadian Pension Obligations and Assets
Last alcoa corp earnings: 1/16 04:10 pm
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US:NYSE Investor Relations: investors.alcoa.com
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PITTSBURGH--(BUSINESS WIRE)-- Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, has signed group annuity contracts to transfer approximately $555 million in obligations, and related assets, of defined benefit pension plans in Canada. The transfer, which will be complete later this month, is aligned with Alcoa’s strategic priority to strengthen its balance sheet by lowering the Company’s risk to volatility from its pension plan obligations. The group annuity contracts with three Canadian insurance companies1 will cover approximately 2,100 retirees or beneficiaries. The companies will begin making benefit payments to the affected plan participants by July 2018. The timing and amounts of retirees’ current monthly benefit payments will not change. In the second quarter of 2018, Alcoa expects to record a non-cash settlement charge of approximately $175 million ($12
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